1. Less competition from home buyers
Most buyers take the month off to celebrate the holidays, attend parties, host out-of-town guests and, avoid trudging around in inclement weather to look at houses. Or, maybe they’ve heard that this is a lousy time to buy a house. Whatever the reason, shopping for real estate at a time when fewer buyers are in the market can pay off big.
2. Motivated (OK, desperate) home sellers
The December seller is likely to be serious and motivated—and therefore more open to negotiation. So what you might lack in a choice of available homes could be balanced out by dealing with a more flexible seller. Many sellers might also want a contract in hand for tax advantages. If it's a rental property on which they incurred a loss, they are likely to want to take the deduction this calendar year.
3. Tax advantages
Some states also might have a homeowner’s tax exemption. If your state does, closing the deal by Dec. 31 rather than waiting for the first week of the new year can make a year’s difference in whether or not you get those valuable tax savings. Also, many closing fees are tax-deductible if you itemize—although you should always double-check with your accountant about any tax questions.
4. A realistic picture of the house
What house doesn’t look amazing in the typical spring buying season, with newly planted flowers and plenty of sunlight streaming through the windows? Checking it out during the miserable winter season, on the other hand, might give you a more accurate idea of what you might be living with the rest of the year. In addition, you will be able to notice issues that are only noticeable during cold weather.
5. Greater accessibility to professionals
Since December is usually a slower month all around, you will have easier access to movers, inspectors, and mortgage brokers. In addition, motivated real estate agents and lenders will bend over backward to provide service with fewer client demands and will share your desire to get it done and in the books before the new year rolls around.
Information Provided By Cathie Ericson | Nov 16, 2017